Angeles Wealth Management LLC Takes $268,000 Position in Sable Offshore Corp. $SOC

Angeles Wealth Management LLC bought a new stake in shares of Sable Offshore Corp. (NYSE:SOC) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 12,181 shares of the company’s stock, valued at approximately $268,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. SVB Wealth LLC bought a new position in shares of Sable Offshore during the 1st quarter valued at approximately $29,000. CWM LLC boosted its stake in Sable Offshore by 1,262.8% during the second quarter. CWM LLC now owns 1,867 shares of the company’s stock worth $41,000 after buying an additional 1,730 shares during the period. Quantbot Technologies LP bought a new position in Sable Offshore during the first quarter valued at $48,000. NewEdge Advisors LLC raised its stake in shares of Sable Offshore by 36.2% in the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after acquiring an additional 650 shares during the period. Finally, US Bancorp DE lifted its holdings in shares of Sable Offshore by 62.2% in the 1st quarter. US Bancorp DE now owns 3,281 shares of the company’s stock worth $83,000 after acquiring an additional 1,258 shares during the last quarter. 26.19% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Weiss Ratings reiterated a “sell (d)” rating on shares of Sable Offshore in a report on Wednesday, October 8th. Roth Capital reiterated a “buy” rating and issued a $28.00 price target on shares of Sable Offshore in a report on Wednesday. Six analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $28.20.

Sable Offshore Trading Down 10.4%

Shares of SOC opened at $11.75 on Friday. Sable Offshore Corp. has a 1-year low of $11.25 and a 1-year high of $35.00. The company has a 50-day moving average of $22.94 and a 200 day moving average of $23.77.

Sable Offshore (NYSE:SOC) last issued its earnings results on Tuesday, August 12th. The company reported ($1.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.44). Equities research analysts predict that Sable Offshore Corp. will post -6.39 EPS for the current year.

Insider Buying and Selling

In other news, major shareholder Global Icav Pilgrim bought 982,645 shares of the firm’s stock in a transaction on Wednesday, October 15th. The stock was acquired at an average cost of $15.04 per share, with a total value of $14,778,980.80. Following the transaction, the insider directly owned 10,933,394 shares in the company, valued at approximately $164,438,245.76. This trade represents a 9.88% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 36.36% of the stock is owned by insiders.

Sable Offshore Company Profile

Sable Offshore Corp. engages in the oil and gas exploration and development activities in the United States. The company operates through three platforms located in federal waters offshore California. It owns and operates 16 federal leases across approximately 76,000 acres and subsea pipelines, which transport crude oil, natural gas, and produced water from the platforms to the onshore processing facilities.